ST Wongtee announced that the Shenzhen Intermediate People's Court will publicly auction 175 million A-shares held by its shareholder Wongtee Industrial Control from October 29 to 30, accounting for 14.78% of the company's total share capital. If the auction is completed, the shareholding of Wongtee Industrial Control and its concert parties will drop from 26.08% to 11.30%, potentially affecting control of the company. Previously, the Shenzhen Wongtee Plaza, an asset under the company's wholly-owned subsidiary Rongfa Investment, was judicially ruled to be used to offset debts at 3.053 billion yuan. That asset contributed revenue of 369 million yuan in 2024, accounting for 56.03% of the company's operating revenue. The company has been subject to a delisting risk warning because its net assets were negative in 2025 and its financial report was issued with a disclaimer of opinion. From 2020 to 2025, the company accumulated losses exceeding 7 billion yuan, and in the first half of 2026, revenue fell 40.47% year on year, with a net loss attributable to the parent company of 272 million yuan.
Shenzhen Wongtee International Enterprise Co LtdCourt auction of 14.78% shares may change control, and company faces delisting risk due to negative net assets and disclaimer of opinion.
